HighTower Advisors LLC Sells 40,526 Shares of Otis Worldwide Corporation $OTIS

HighTower Advisors LLC cut its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 703,183 shares of the company’s stock after selling 40,526 shares during the quarter. HighTower Advisors LLC owned 0.18% of Otis Worldwide worth $61,423,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Root Financial Partners LLC bought a new position in Otis Worldwide in the third quarter valued at approximately $26,000. Camelot Portfolios LLC bought a new position in Otis Worldwide in the fourth quarter valued at approximately $26,000. Stance Capital LLC bought a new position in Otis Worldwide in the third quarter valued at approximately $27,000. Rakuten Investment Management Inc. bought a new position in Otis Worldwide in the third quarter valued at approximately $31,000. Finally, Oakworth Capital Inc. increased its stake in Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after acquiring an additional 113 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $71.24 on Thursday. Otis Worldwide Corporation has a fifty-two week low of $69.72 and a fifty-two week high of $101.42. The firm has a market capitalization of $27.34 billion, a P/E ratio of 18.95, a P/E/G ratio of 2.32 and a beta of 0.95. The company’s 50 day moving average price is $78.18 and its two-hundred day moving average price is $85.33.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The company had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same quarter in the prior year, the business earned $0.92 EPS. The business’s quarterly revenue was up 6.4% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, analysts expect that Otis Worldwide Corporation will post 4.19 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 15th will be given a $0.44 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, May 15th. Otis Worldwide’s dividend payout ratio (DPR) is 46.81%.

Analyst Ratings Changes

A number of brokerages recently issued reports on OTIS. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 1st. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. Barclays decreased their price objective on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a research note on Thursday, April 23rd. Royal Bank Of Canada decreased their price objective on shares of Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating on the stock in a research note on Thursday, April 23rd. Finally, Morgan Stanley set a $88.00 price objective on shares of Otis Worldwide in a research note on Friday, April 24th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $97.64.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.